FXOpen Review – Trade Forex on Premium Platforms
The trading world never gets tired of exploring new brokerage firms that constantly enter the market. However, few of them are excellent enough to beat the well-established and experienced brokerage firms, such as FXOpen. FXOpen Forex broker is definitely a veteran in the industry with a market presence of over 16 years. When the brokerage initially opened in 2005, it did not get enough attention at first. The broker had to introduce several new account types, implement modern trading platforms and diversify its portfolio in order to receive some market share. However, as a consequence of FXOpen’s continued efforts of becoming the reliable and dominant market player in Forex, nowadays the company manages to maintain the high position on the top forex brokers list.
FXOpen is a dynamic broker which never stops growing and developing as a company. The history of the broker itself is quite interesting. FXOpen began operating as the educational center on technical analysis in Egypt back in 2013. Not long time has passed after in 2015, the company shifted to operating as a brokerage firm. FXOpen is a brand that unites several brokerage firms located in different regions worldwide. The company holds two regulations from the high authorities in the United Kingdom and Australia. We decided to once again investigate the broker in-depth to see how it progressed over time, what it can offer to the traders, and if the service quality is truly exceptional, as they claim. Read the review on FXOpen Forex broker below to find the answers to the most crucial questions in Forex trading.
How reliable is FXOpen?
One of the first features that the traders look for in the broker is the reliability of the firm. The reliability can be measured in many different ways. However, the most significant one among them is the regulation of the broker. The regulation ensures the safety and security of the traders’ rights, financial resources, and client data. The regulated brokers are required to comply with all the market standards and laws established by the authorities. For example, they cannot provide sky-high leverages that risk the funds of the client. At the same time, regulatory bodies require brokers to have separate, segregated accounts for the clients, in order to protect the clients from any misfortunes that might cause the bankruptcy of the firm and correspondingly loss of the customers’ account balances.
Many people ask the question “is FXOpen legit?” and the response to the question is YES. The company is legit because it is regulated by two different authorities. FXOpen operates as a brand uniting several brokerage firms under it. Let’s list the firms according to their registrations and regulations below:
- FXOpen AU Pty Ltd – regulation by Australian Securities and Investments Commission (ASIC), license number 412871
- FXOpen Ltd – regulation by the Financial Conduct Authority (FCA), FCA register number 579202
- FXOpen Markets Limited – registered in Nevis, registration number C42235
- FXOpen LP Limited – registered in Auckland, registration number 5598865
Trading Conditions at FXOpen
FXOpen is essentially the Forex broker with a portfolio of over 50 currency pairs. However, the broker offers many other financial instruments to trade with the contracts for difference (CFDs). On the other hand, various financial instruments are available on different account types. Therefore, not all account holders can trade CFDs on shares for instance, as they would need to set up a specific account for it. There are four account types available in total at FXOpen with various opportunities for the traders. Below is the description of each account type and how they differ or what they offer to FXOpen traders.
– ECN Account type has the most diverse trading assets portfolio. The traders can choose from available trading instruments of 50+ FX Spot CFDs, 25+ Cryptocurrency CFDs, Shares CFDs, Index CFDs, Spot Metals CFDs and Commodity CFDs. The trading conditions are also the most favorable for the traders compared to other account types. The minimum deposit starts from 100 USD. The spreads are floating and start from 0.0 pips. The commission fee applicable is $15 per 1 mio. The leverage for the ECN account can go up to 1:500. The margin call is 100%, whereas the stop out is 50%. The Islamic account can be applied to this account type, as well. All trading strategies are allowed for ECN account holders including scalping, heading, and EAs.
– STP Account type is the second most flexible account type. The traders can choose from the trading asset portfolio of 50 currency pairs, gold, and silver. The minimum deposit requirement for an STP account is 10 USD. The spreads are floating. The leverage for this account is the same, going up to 1:500 maximum. A margin call is 50% and the stop out is 30%. Both demo and Islamic account options are available for STP account. Again, the traders have freedom in their trading styles and strategies. There is no limit to how many simultaneously open orders the traders can have on an STP account.
– Crypto Account is an exclusive account for cryptocurrency traders. The account’s financial trading instruments portfolio includes 43 pairs with BTC, LTC, EOS, PPC, ETH, DASH, and EMC. The minimum deposit requirement is also 10 USD. The spreads are floating too. The leverage on crypto products for Crypto account holders can go up to 1:3. The account also operates on commission fees. The commission fee applicable to trades on the Crypto account is 0.5% of trade volume round turn. The margin call is 30% and the stop out is 15%. The Islamic account option cannot be applied to the Crypto account, however. The bonuses are also not applicable to ECN and Crypto accounts. All trading strategies are welcome though for this account type holders.
– Micro account is the most budget-friendly and cost-efficient account type of FXOpen broker on its trading platform. The deposit requirement starts at 1 US dollar for a Micro account. However, there is a maximum balance limitation of 3,000 USD. There are no commissions applicable to this account type. The minimum transaction size is 0.1 micro-lots and the maximum transaction size is 1,000,000 US dollars. The leverage can go up to 1:500. A margin call is 20% and the stop out is 10%. An Islamic account can be applied to the Micro account type. The traders of Micro account are also limited in the trading strategies. They are not allowed to use scalping, news trading, and phone dealing.
FXOpen is famous for its multiplicity of trading platforms. Most of the brokers offer their customers a maximum of three platforms that are MetaTrader 4, MetaTrader 5, and WebTrader. However, FXOpen provides four different trading platforms along with automated trading options. All of these platforms are extremely user-friendly with a simple and attractive interface.
TickTrader can be used as a desktop terminal or can be installed on mobile devices. The platform is compatible with both IOS and android devices. The interface is customizable and can be personalized easily. It uses an advanced technical analysis tool with various traditional indicators. The traders can also make their own indicators and add them to the account. The platform allows one-click trading mode. It is a perfect solution for the traders within the rapidly moving markets or the traders who operate high-frequency trading. The market depth goes up to 200 levels on TickTrader. It furthermore provides detailed charting systems and the strategy back tester.
FXOpen was the pioneer broker to provide direct access to ECN trading on the MT4 platform. In contrast to the original MetaTrader4, the broker enhanced the features of the software and supplemented its own revolutionary method – liquidity aggregator. The platform allows the traders to process error-free order execution in the cheapest conditions on the market. However, not all account types have the same modification of the MetaTrader 4. On the other hand, with MetaTrader 5 option, the traders can choose between the two order accounting systems that are netting and hedging and 4 execution models. The platform provides professional technical analysis and fundamental analysis tools. Additionally, the traders can subscribe to successful traders’ signals and copy their trades. Mobile and web trading are also available for meta traders.
FXOpen rating of the automated trading software is quite high. The broker supports Expert Advisor, a program developed for complete or partial automation of the trading process. The degree of automation can range from helping the traders in their decisions to offline placing and canceling the trade orders. The software has multiple functions including controlling the placed orders, monitoring the trade, and analyzing the market conditions such as liquidity and volatility. Furthermore, the traders can choose the auto trading platforms of MyFXbook or ZuluTrade which are ground-breaking automated trading platforms designed for all sorts of traders.
Bonuses and Contests
The rewarding programs of the brokerage firm FXOpen contain three various promotions including cashback, bonuses, and trading contests. Each of these comes with generous rewards and a set of conditions and rules that are applicable to participating traders.
The bonuses available with FXOpen are essentially Forex no deposit bonuses. There are several bonus types that apply to separate account types of the broker:
- 10 USD No Deposit Bonus for ECN TT Gross accounts
- 10 USD No Deposit Bonus for ECN TT NET accounts
- 10 USD No Deposit Bonus for STP accounts
- 1 USD No Deposit Bonus for Micro accounts
There is also a ForexCup Trading Contest Bonus for which the amount depends on the contest terms (% of the profit made in the contest demo account). ForexCup trading contest has over 23,000 participants registered on a monthly basis. The prize pool for the contest is over 5,000 US dollars. There are one-time trading contests held frequently such as The Lord of the Crypto championship and the CFD Open contest.
Furthermore, we have to mention in our review of FXOpen Forex broker that the firm incorporates Cashback Program. The program allows traders to get additional refunds on loss-making trades. The funds are credited to Commission Account which is opened automatically for the traders. According to the total used margin on the client’s trading account, the cashback amount will be determined individually. This program fits all trading account types at FXOpen, including ECN, STP, Crypto, and Micro, as well as PAMM accounts.
Is FXOpen worth your attention?
If we look at the experience of the broker that ranges over 16 years now and the number of loyal customers that exceeds tens of thousands of users then the answer is obvious. Especially, when the trading conditions at FXOpen are greatly flexible and user-centric with the deep liquidity of the spreads, low commissions, variety of trading platforms, and the lowest minimum deposits, flexible leverage of 1:500 we can conclude that the broker is indeed a recommended firm for the traders.